Resources Top 6: BHM feeds hungry Rasp mill with new ore source, bursts up bourse

• BHM opens up access to high-grade Main Lode ore body at Rasp mine
• Major intrusive target outlined at M79’s Picha copper project
• Metal Bank picks up WA gold assets of Hastings Technology Metals
• Terrain Minerals hits thick, high-grade gold at Smokebush

Your standout small cap resources stocks for Monday, September 29, 2025

Broken Hill Mines (ASX:BHM)

Broken Hill’s Line of Lode continues to deliver after well over a century of continuous mining and a fresh source of high-grade zinc-rich and silver-rich mineralisation has been opened up by Broken Hill Mines (ASX:BHM) to feed a hungry mill at the Rasp mine.

Underground development has been completed enabling BHM to access the high-grade Main Lode ore body with first ore expected at the Rasp processing plant by November 2025.

This will supplement feed from the Western Mineralisation ore body that has been the primary source of ore for more than a decade.

Development of the Main Lode along with the separate Pinnacles deposit west of the town are key parts of the new company’s strategy to fully utilise the 750,000tpa plant.

Positive news has seen BHM’s shares increase from 39c at the close on July 30, to a record 87.5c today. 

Completion of Main Lode underground development along with results from Main Lode drilling have seen the company jump 28.68% today.  

Drilling of the Blackwoods and British deposits of the Main Lode, which are set to be mined next, returned very high-grade silver and zinc including several intercepts outside the resource of 670,000t at 18.7% zinc equivalent or 628g/t silver equivalent.

Notable results are:

• 2.1m grading 62.5% ZnEq or 2103g/t AgEq with 422g/t Ag, 26.8% lead, 21.4% Zn and 01% copper (MLDD4900);
• 4.3m at 57% ZnEq or 1919g/t AgEq with 473g/t Ag, 19.6% Pb and 19.5%Zn (MLDD4902); and
• 4.8m at 51.4% ZnEq or 1706g/t AgEq with 295g/t Ag, 13.1% Pb and 15% Zn (MLDD4867).

BHM acquired Rasp mine and Pinnacles in late October 2024 in its previous guise as Coolabah Metals.

Since then, it has been undertaking an expansion project to bring online a second ore body within the Main Lode ore body.

It has now completed breakthrough of the Main Lode incline/decline after underground contractor Byrnecut completed 1000m of development. 

This provides direct underground mining access to the Blackwoods deposit for the first time since the mid-1970s.

Ramp up of ore feed from Blackwoods is targeted to occur over the course of FY26, with additional stoping operations planned in Q1 of 2026. An updated resource for the broader Rasp mine is expected in Q1 2026.

Mammoth Minerals (ASX:M79)

BHP’s Xplor accelerator program is proving its effectiveness at the Picha copper project of Mammoth Minerals (ASX:M79) in Peru with a magnetotellurics (MT) survey outlining a major intrusive target.

The survey was designed to refine the deeper intrusive architecture and scale of the intrusive controlling the Picha mineralisation and the alteration observed in surface mapping and sampling.

Mammoth Minerals (ASX:M79), which lifted 33.34% to 18c, a high of almost three years, said the survey highlighted a single intrusive system as a potential source for the abundant copper mineralisation observed at the Ichucollo target, including recent surface channel sampling of: 

• 13.1m at 1.38% copper and 10.21g/t silver; 
• 24m at 1.08% Cu and 3.99g/t Ag; 
• 30m at 0.79% Cu and 7.56g/t Ag; and 
• 16m at 0.60% Cu and 9.1g/t Ag.

Managing director Glenn Poole said the survey results were encouraging and aligned well with the working geological model the company had for the Picha area. 

“The ability to leverage off the support and funding provided by the BHP Xplor program to ‘see’ to a depth of over 5km into the underlying geological architecture has been transformational for the project and will provide critical information to help us develop a refined targeting program moving forward,” he said.

“This survey, supported by the property-wide UAV magnetics, has helped us improve our understanding of the mineral systems at work across the Picha Project area.

“We have shown through the previous mapping, sampling and drilling that there is extensive copper in the system.

“Now, the results of this MT survey represent a major step forward in terms of understanding what is driving those mineral enriched fluid systems and driving the copper we are seeing at surface.”

Metal Bank (ASX:MBK)

Metal Bank (ASX:MBK) will pick up the WA gold assets of Hastings Technology Metals (ASX:HAS) for $2.3m in MBK shares, subject to shareholder approvals, and jumped 73.4% to a daily high of 2.6c.

The package includes Great Western Gold (75% of Whiteheads JV 80km NE of Kalgoorlie), the Ark project and the Darcy project in the Kimberley. 

MBK’s scoping study for the Homestead and Kingsley deposits at Livingstone is progressing, with work focusing on pit design.

HAS is continuing to progress the Whiteheads project with drilling underway for an initial resource at Seven Leaders prospect. 

Drilling will focus on confirming historical drill data and will include a geotechnical diamond core hole to ensure adequate geotechnical data is available to design and implement the starter pit. Following the resource, HAS intends to proceed to mining lease application and submission of a Mining Proposal.

“We are excited to finalise the agreement for the acquisition of the HAS Gold Assets that further enhances our WA Gold Strategy,” MBK’s chair Ines Scotland said. 

Terrain Minerals (ASX:TMX)

What started as a routine drilling campaign has turned into a golden breakthrough for Terrain Minerals, with Lightning shaping us as a potential jewel in the crown of its Smokebush project.

Recent drilling returned high-grade gold intersections in 17 out of 22 RC holes (80% strike rate), exceeding one ounce per tonne and strengthening the case for a meaningful deposit at Terrain Minerals’ (ASX:TMX) Smokebush in WA’s Murchison region.

Standout high-grade intercepts included 13m at 8.13g/t gold from 122m, with an impressive 2m at 48.22g/t, plus 17m at 3.43g/t Au from 147m including 2m at 17.17g/t, and 22m at 2.71g/t from 105m.

Short but rich zones were also uncovered, such as 1m at 18.04g/t and 3m at 3.61g/t, confirming the strength of the system. Importantly, the mineralisation appears thick and consistent across multiple intercepts, pointing to real scale.

These results represent the strongest to date from Smokebush and enhance the potential of the project to emerge into a significant new gold system.

Assays for silver and base metals are still pending but previous results, including 11m at 6.03g/t Au and 43.5g/t silver, have hinted at strong silver credits.

Early geological modelling suggests that a north-trending shear zone acts as the main fluid pathway, with east–west magnetic units providing traps for thicker, high-grade mineralisation.

Adding to this picture, steeply dipping quartz veins define at least three major domains in the Monza trend and two at Lightning, further evidence of a robust and evolving gold system.

Eastern Resources (ASX:EFE)

A farm-in deal to earn up to 80% of the Marengo gold project in Queensland by spending $1.5m over three years has seen Eastern Resources (ASX:EFE) climb to 5.5c, a high of almost three years and a lift of 48.65% on the previous close.

The agreement is with BGM Investments, a wholly-owned subsidiary of Rockfire Resources plc, and EFE will have full management of exploration and development.

A high-level Intrusion Related Gold-Copper System, Marengo, south of Bowen, is in a belt with more than 20Moz of known gold and includes the historic Marengo Goldfield with 37 old workings.

Gold deposits in the belt include Mt Carlton (1.1Moz), Pajingo (2.7Moz), Ravenswood (4.8Moz), Mount Wright (1Moz), Mount Leyshon (3.8Moz) and Charters Towers (6.6Moz).

Historic rock chips returned eye-catching grades up to 149.8 g/t gold with silver and copper, while past drilling returned shallow mineralisation.

Pioneer Lithium (ASX:PLN)

After raising $750,000 in a placement to existing investors, Pioneer Lithium (ASX:PLN)  reached a high of 19c, an increase of 26.7%.

The placement was at 14c a share, a 6.7% discount to PLN’s last close price on September 26 of 15c.

Investors will also receive one free option for every three shares subscribed for and these will be exercisable at 20c and expire three years from the date of issue.

Displaying their confidence in PLN, non-executive chairman Agha Shahzad Pervez and non-executive director Zac Komur committed to subscribe for $100,000 and $50,000 in the placement respectively, subject to shareholder approval at the company’s AGM in November 2025.

Funds raised will be used for exploration and evaluation of staking opportunities, advancing existing project work programs and working capital.

“We are pleased to have secured support from existing investors in this placement, which will allow us to continue progressing Pioneer’s strategic growth plans,” chair Agha Shahzad said.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Broken Hill Mines, Mammoth Minerals and Terrain Minerals are Stockhead advertisers, they did not sponsor this article.